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How Can Banks Generate More Business from Commercial Customers?

Last week, First Data held a webinar titled, “Fixing the Paper Problem” on the value of invoice and payment automation. As expected, the webinar was very insightful and shared some compelling data around how banks can generate more business with invoice and payment automation.

We’re at a point where business customers are starting to demand automation. Manual bill pay is a major issue; processing paper checks is expensive and compliance challenges continue to become more complex. In addition, accessing paper documents in filing cabinets just doesn’t cut it and ultimately increases overhead costs. In order to survive and cut costs, businesses must adopt automation.

Here are some interesting takeaways from the webinar:

The number one challenge for finance teams is finding or managing paper-based documents

29 percent of finance execs are not sure of their cost-per-invoice

It takes 14 days to process an invoice manually versus three days to automatically process an invoice

You are over 700 percent more likely to earn early-pay discounts with an automated process – and – the average discount rate is eight percent

How does invoice and payment automation benefit banks?

Banks that offer automated solutions are more attractive to commercial customers because of benefits automation affords businesses, such as:

MineralTree is the owner of all intellectual property rights for MineralTree Invoice-to-Pay™ and MineralTree Business BillPay™.
Intellectual property rights to the other products are held by their respective owners.